Sebi 'cautions' investors, public against dealings with Sahara
Passing the attachment orders, Sebi said that the two companies had raised Rs 6,380 crore and Rs 19,400 crore, respectively from bondholders and "various illegalities" were committed in raising of these funds.
With regard to Subrata Roy and three other directors, namely Vandana Bhargava, Ravi Shanker Dubey and Ashok Roy Choudhary, Sebi ordered freezing of all bank and demat accounts of these four persons, as also attachment of all moveable and immoveable properties in their name with immediate effect.
Subsequently, the Sahara Group claimed that the actions taken by Sebi were based on "old facts" and the orders for attaching assets of individuals is incorrect on part of the market regulator.
It also said that it has already deposited with Sebi an amount of Rs 5,120 crore that was in excess of its total liability towards refund to investors.
Later, the group also ran a major advertisement campaign in newspapers with claims that "Sahara has nothing to pay (and) rather Sahara shall soon be eligible to take a big
refund from Sebi" and it was submitting to Sebi the provisional balance sheets of two companies as on December 31, 2012 for more clarity on the matter.
The Supreme Court on August 31, 2012 had asked Sahara group firms to refund the money with 15 per cent interest and had asked Sebi to facilitate the